Events:

The company announced that in January 2023, the total electricity generation of the company's equity reached 645.45GWh, an increase of 47.19% over the same period last year. Of this total, wind power generation was 589.73 GWh, an increase of 47.91 percent over the same period last year, and solar power generation was 55.72 GWh, an increase of 40.04 percent over the same period last year.

Comments and viewpoints:

The company's January 2023 electricity generation data performed well:

The company's January power generation growth data performed well compared with the same period last year, and the main reasons are as follows: 1) the company's wind power site is located in the region, benefiting from winter seasonal factors, wind resources are better; 2) 22 years of new installed capacity brings new electricity contribution; 3) the operation efficiency of wind turbine is improved.

Preliminary judgment of wind power industry January power generation data or better performance:

Although the Xiehe new energy wind power site does not represent the overall situation of the industry in the region, based on the fact that the winter wind resources are better and the new installed capacity brings new electricity contribution, it is preliminarily judged that the overall wind power industry may have a good performance in January, which is good for wind power operators.

Preliminary judgment of the company's steady growth in 2022:

For the whole of 2022, the company's equity electricity generation 6673.01GWh increased by 27.73% compared with the same period last year. Among them, wind power generation 5893.71GWh, up 19.53 percent over the same period last year; solar power generation 779.3GWh, up 165.28 percent over the same period last year. Although the overall wind resources of the industry in the first half of the year are poor, the company's annual power generation growth is still good, and the company's performance is expected to grow steadily in 2022. Compared with the profit decline of some peers, it highlights the high quality level of the company's power plant assets.

Overall, the company's power plant operates efficiently, the power generation continues to grow steadily, and the new installation is expected to accelerate in the next 2-3 years, and the performance growth is expected. At the same time, the company canceled 345 million repurchased shares on January 20, 2023, which is beneficial to increase the value per share of the company and further enhance the margin of investment safety.